INVESTIGATION INTO CBEX VIRTUAL CURRENCY SCHEME IS COMPLEX, MULTINATIONAL – EFCC
Read Time:2 Minute, 29 Second
By Aishat Momoh. O.
The Economic and Financial Crimes Commission (EFCC) has described its ongoing probe into the controversial CBEX virtual currency scheme as one of the most complex and multinational financial investigations in its history.
The Head of Investigation at the EFCC, Abdulkarim Chukkol, who represented the agency’s Chairman, Ola Olukoyede, made this known on Thursday in Abuja during a media briefing to mark Olukoyede’s second anniversary in office.
CBEX, an online trading and investment platform, reportedly lured thousands of investors with promises of high returns on cryptocurrency transactions, including referral bonuses and guaranteed profits. However, in April 2025, the platform suddenly went offline, locking investors out of their funds and sparking nationwide outrage.
Chukkol said the EFCC’s investigation revealed that the scheme involved “several layers of transactions and actors across multiple countries,” making it a complex case that required international collaboration.
“The investigation is quite complex. It involves different jurisdictions. The modus operandi, as we all know, has to do with virtual currency,” he said.
He explained that funds obtained from Nigerians through the CBEX platform were laundered through multiple channels, with most custodians of the proceeds based outside the country.
“Those monies were obtained from Nigerians, then moved through different layers of money laundering. The custodians of the funds we are tracing are not within Nigeria; they are in other jurisdictions,” he stated.
Chukkol added that the EFCC is working with global law enforcement agencies, and that part of the funds has been frozen, although the repatriation process is still ongoing.
“The total amount involved runs into millions of dollars. Nigerians are not the only ones affected; suspects from other countries are also being investigated,” he said.
On domestic prosecution, Chukkol disclosed that three major Nigerian suspects had been arrested and charged to court — one separately and two jointly.
“We must first demonstrate that a crime was committed in Nigeria and that money was moved to other countries before we can make any claim to the frozen funds,” he added.
Meanwhile, the EFCC’s Director of Proceeds of Crime, Gbolahan Latona, addressed recent allegations by the Senate that the agency had made unauthorised two per cent deductions from recovered funds.
Latona dismissed the claims as false, insisting that the EFCC operates within the law.
“The EFCC has not been making any statutory deductions contrary to what is being alleged. Once confiscations are made, funds are remitted to the confiscated and forfeiture account. The EFCC does not engage in unlawful or illegal appropriation,” he said.
On the issue of duplexes linked to former Central Bank Governor Godwin Emefiele, Latona confirmed that the properties had been handed over to the Ministry of Housing in line with the Federal Government’s directive.
“A joint committee comprising EFCC and Housing Ministry officials was set up. The structures are currently about 40 to 50 per cent completed. Work is ongoing, and once completed, the houses will be auctioned publicly as directed by the President,” he added.
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